SOCAR and Netherlands Fugro have reached an agreement to create a new joint venture (JV) to perform bathymetric, geophysical and geotechnical studies, Fugro company reported.
The statement reads that the JV will be supplying the autonomous underwater devices and remotely operated transportations, provide diving services and other services both onshore and offshore Azerbaijan.
The agreement to form SOCAR-Fugro, in which 51% share is owned by SOCAR is based on the initial agreement, which was signed in 1995, concerning creation of a joint venture Azeri Fugro.
Azeri-Fugro JV provides a wide range of geotechnical and ecological services in the Caspian Sea region, which are required for the oil exploration. It uses experience of the entire group of Fugro Group companies to receive access to a wide range of knowledge of specialists and resources within the framework of any operating Fugro company.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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